EquityPandit’s Outlook for NIFTY IT for the week  (May 07, 2018 – May 11, 2018) :  

NIFTY IT:

Nifty IT index closed the week on negative note losing around 2.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 13900 to 14000. If the index manages to close above these levels then the index can move to the levels of 14400 to 14500. During the week the index manages to hit a high of 14094 and close the week around the levels of 13453.

Support for the index lies in the zone of 13400 to 13500 from where the index broke out of January-2018 high. If the index manages to close below these levels then the index can drift to the levels of 12900 to 13000 from where the index broke out of March-2018 high and short term moving averages are lying.

Resistance for the index lies in the zone of 13700 to 13800 from where the index broke down after consolidation. If the index manages to close above these levels then the index can move to the levels of 14200 to 14300 where the index has formed a top in the month of April-2018.

Broad range for the index in the coming week is seen from 13000 to 13100 on downside & 14000 to 14100 on upside.